New leasing standard: it’s low value, so what else do you want?

Issues arising in applying the IFRS 16.5 concession that an issuer not apply its requirements to leases for which “the underlying asset is of low value…” We previously discussed this here, providing some of the IASB’s underlying thinking:  “…many lessees expressed concerns about the costs of applying the requirements of IFRS 16 to leases that are…

The conversion to IFRS 15 – what was it all for?

CPA Canada has issued Observations on the Implementation of the New Revenue Standard by Canadian Public Companies. The publication was based on the review of financial statements of 60 Canadian public companies for the first quarter of 2018; 45 listed on the TSX and 15 on the Venture Exchange. Here are the key observations: While…

Ser pan comido, or: IFRS through idioms!

Earlier this year, I built an article around the following extract from a Hans Hoogervorst speech: Given the voluntary nature of IFRS adoption, we like to believe that the adherence to our Standards is a reflection of the quality and inclusiveness of our work. More importantly, most of our stakeholders resist the temptation of modifying…

IFRS: the devil has the best details

We can all agree that the only thing that matters in implementing any aspect of IFRS is to proceed with a broad, sweeping vision, focusing entirely on the big picture and ignoring all the small stuff. That’s really all I wanted to say today, so I’ll wrap it up there. Oh wait, I’m being informed…

Accounting for girlfriends – revisited!

I don’t know if it’s entirely a compliment to the rest of this blog that one of the most all-time popular posts (at the time of writing, it’s 11th out of more than 360, with over 1,000 views) is the one I wrote some years ago on Accounting for Girlfriends… I feel a little guilty…

Hans got mail!

Courtesy of my mole at the IASB, I’m honoured to be publishing for the first time a WikiLeaks-worthy treasure trove of correspondence to and from the office of Chair Hans Hoogervorst. Read along now and dive as no mere civilian ever has before into the deep and complex waters of standard-setting. Dear Mr. Hoogervorst Every…